CNN: Researchers: Half of bankruptcies caused by health costs – Feb. 2, 2005: “From 1982 to 1989, I reviewed every bankruptcy petition filed in South Carolina, and during that period I came to the conclusion that there were two major causes of bankruptcy: medical bills and divorce,” said George Cauthen, a lawyer at Columbia-based law firm Nelson Mullins Riley & Scarborough LLP. “Each accounted, roughly, for about a third of all individual filings in South Carolina.” He said fewer than 1 percent of all bankruptcy filings were due to credit card debt.”
CNN: Bankruptcy bill unfair – Mar. 3, 2005: “The new “means” test in the legislation is intended to determine whether those seeking bankruptcy protection must repay their debts or are allowed to have them canceled. Under the current system, bankruptcy judges have the discretion to decide that. Supporters of the bill hope for passage before lawmakers adjourn in mid-March for the spring recess. Banks, credit card companies and retailers have pushed since 1997 for a bill overhauling the bankruptcy laws. Consumer and civil rights groups and unions say the legislation would shred a safety net for those who have lost their jobs or face mounting medical bills.”
And the bill is liable to pass. The mass media on this? Well they’ll report it after it has been voted on and settled of course.